<Para ID="Par3">The tournament hypothesis of Brown et al. (J Finance 51(1):85–110, <CitationRef CitationID="CR7">1996</CitationRef>) posits that managers of poorly performing funds actively increase portfolio risk in the second half of the year. At the same time, it is a well-established fact that stock returns and the subsequent return standard...</citationref></para>

<Para ID="Par3">The tournament hypothesis of Brown et al. (J Financ 51(1):85–110, <CitationRef CitationID="CR2">1996</CitationRef>) conjectures that mutual funds with a below-average performance over the first half of the year tend to increase their risk in the second half of the year. Schwarz (Rev Financ Stud 25(3):913–936, <CitationRef CitationID="CR14">2012</CitationRef>) argues that the...</citationref></citationref></para>

This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instruments; and, (3) foreign exchange instruments. For each category, the paper examines...

This Technical Note reviews the International Organization of Securities Commissions’s (IOSCO) Objectives and Principles of Securities Regulation for Monaco. It reveals that overall, there has been progress in implementing the Offshore Financial Center assessment recommendations in most areas...

The strategy adopted by Benin to strengthen its macroeconomic stability and promote private-investment-led growth has been detailed in the note. The statistical data on gross domestic product by sector of origin at current prices and at constant supply, production and producer prices of cotton,...

This Selected Issues paper and Statistical Appendix for the Kingdom of Swaziland assesses the interaction of nonbank financial institutions (NBFIs) within the financial system and the real economy. Understanding the type of flows will help in designing policies to better manage capital flows and...

Статья содержит сравнительный анализ доходности различных инвестиционных фондов в Украине, изменений в структуре их активов и стоимости чистых активов в...